Fintech and financial institutions can play a crucial role in helping companies in the energy sector control their expenses, especially by implementing financial solutions tailored to the sector’s needs. Here’s how Pilsenga can help companies in the energy sector to have “total” control of their expenses.

Accounting package

As we saw in our previous article, an accounting package is a platform designed to help companies in the energy sector optimize their operations or accounting processes through a wide range of tasks and functions, thus allowing them to have an efficient record of all the company financial transactions. However, for an accounting package to fulfill its purpose, it must have a series of tasks and functions tailored to the company’s needs.

It is essential to highlight that Pilsenga’s accounting package has several tasks and functions adapted to the needs of companies in the energy sector, such as tax returns, integration with payment systems, automation of accounting tasks, and asset flow control, among others.

IBAN accounts

Through multi-currency IBAN accounts, companies in the energy sector can carry out national and international transactions with a high level of effectiveness thanks to the IBAN identification system, which includes the country code, check digit, bank code, branch code, national code, and bank account number.

Multi-currency IBAN accounts allow sending and receiving payments in over 30 currencies (among approximately 150 countries that have opted for this system). A multi-currency IBAN account lets the company maintain balances in different currencies in the same account, allowing the company to maintain its funds in different currencies without opening separate accounts for each currency.

Companies in the energy sector tend to look for suppliers that provide them with an IBAN transfer service that fits their needs, as this allows them to be more efficient, streamline their transactions, and receive the support they need on time. At this point, it is essential to note that Pilsenga’s ecosystem was specially tailored for medium-sized companies, which allows adjusting the service to the size, number of employees, and resources of the company, which translates into more efficient financial operations for the entity.

Batch payments

Batch payments are tools that allow companies in the energy sector to make multiple payments with a single transaction, thus optimizing the group payment process, which considerably improves the company’s financial efficiency. Batch payments offer numerous advantages, such as payment process automation, time savings, reduction of manual errors, increased processing accuracy/speed, and reduced operating costs.

Through batch payments, companies in the energy sector can build strong relationships with their suppliers and employees by ensuring that payments are not delayed or canceled due to errors, avoiding late fees or penalties for late payments, and increasing the loyalty of suppliers and employees.

Expense management

Most companies in the energy sector have a dynamic cash flow, which forces them to keep efficient control of their expenses, as this can generate setbacks in the company due to a lack of liquidity. In this case, we can mention that companies in the energy sector that have the Pilsenga service have different tools at their disposal to manage their resources, having the possibility of establishing and adjusting their spending limits, in addition to implementing payment approval flows with their respective notifications in real-time, which will allow them to keep better control of their financial resources.

Greater convenience and versatility

A medium-sized company will always seek the most outstanding possible convenience and flexibility when administering or managing its resources. At this point, it is essential to note that Pilsenga has an intuitive platform that allows companies in the energy sector to make electronic money transfers quickly and easily (regardless of the amount), in addition to offering a digital wallet that enables the company manage its funds or digital assets in an effective and friendly way.

Regulatory support and compliance

Good support and personalized service are essential for companies in the energy sector to be more efficient and comply with the regulatory requirements of the energy sector, thus avoiding possible fines and penalties.

It is essential to highlight that Pilsenga offers its clients the service of dedicated managers, who are trained to provide a better experience to their users, helping and guiding their clients to comply with the different regulatory standards (currently available 24/7 and offered by native speakers in Spanish, Italian, and English).

On the regulatory side, it is significant to note that Pilsenga complies with different financial industry standards such as Financial Conduct Authority (FCA) norms/standards, Lithuanian Financial Crime Investigation Unit, anti-money laundering rules, prudential requirements standard, EBA guidelines on Internet payment security, revised payment services directive (PSD2), among others.

Expense analysis and immediate invoice access

Companies in the energy sector need to have tools to analyze their spending patterns and trends over time because when a company handles a high volume of invoices, it is necessary to have a system that allows the digitization and control of these invoices so they can manage their resources more efficiently.

However, if these invoices are not stored in a user-friendly and easy-to-use system, it is possible not to access them quickly and effectively. For companies in the energy sector, it is essential to have detailed information on each of their invoices for better control and management of their financial resources, allowing them to make better decisions.

At this point, it is essential to mention that the Pilsenga ecosystem features an invoice filtering system, which allows faster and more efficient searches of invoice records, having the option to filter invoice searches by date, item ID, store, order ID, or invoice status. Companies in the energy sector can access their invoice information in a detailed manner, as invoice information is created automatically, considering factors such as invoice status, product information, exchange rate, etc.

What do you think about this topic? Would you like to learn more about how Pilsenga helps companies in the energy sector to control their costs?

If you are interested in Pilsenga’s products or services, you can visit our website and register on our platform by visiting the following link.

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